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Industrialization Sees the Dawn - Where is the Investment Opportunity for Perovskite?

With the booming development of the solar energy industry, perovskite has become one of the important raw materials. According to a report from 21st Century Business Herald [1], as of February 20th, 14 enterprises in China have announced investment in the construction of the perovskite industry chain. These 14 enterprises are Xinyi Solar, Xinneng Technology, Jinko Solar, HT-SAAE, Trina Solar, Renesola Yixing, Infinite Energy, Wande Smart Energy, Daqo New Energy, Xilex Semiconductor, Aolong Technology, Baohing Technology, Raynergy Tek and Muliang Energy. Only six enterprises have entered the small-scale trial or pilot stage, which are Xinyi Solar, Xinneng Technology, Jinko Solar, Renesola Yixing, Daqo New Energy and Raynergy Tek. Only Xinyi Solar, Xinneng Technology, and Jinko Solar have entered the 100MW-level pilot stage, while Renesola Yixing, Daqo New Energy and Raynergy Tek currently only have a small-scale trial line production capacity of 10MW, 50MW and 10MW, respectively. Progressing from the 10MW-level trial stage to the 100MW-level pilot stage marks a critical milestone in the industrialization of perovskite, and some industry investors believe that the construction of GW-scale production lines is imminent, which means that the industrialization of perovskite has entered a new phase and investments in perovskite may have the potential for cost recovery.

From the perspective of investment direction, perovskite investment can be mainly divided into two categories: module/component and material/equipment, targeting individual enterprises or product materials and equipment in the perovskite industry, respectively.

From an industrial perspective, perovskite enterprises that have really made substantial progress in industrialization are not yet listed, and the research and development of some photovoltaic giants is still in the laboratory stage. Therefore, theoretically speaking, there are currently no real perovskite concept enterprises in the secondary market. However, business executives have stated that in certain equipment investment areas, perovskite may have some investment value. Perovskite equipment is distributed in three major areas: vacuum coating equipment, laser equipment, and packaging equipment. The latter two are currently technically mature and can achieve independent control in China, but for vacuum coating equipment, the main issue is the equipment used in the solution coating process in the vacuum coating process, where there is still a significant gap in quality between domestic and imported equipment.

Taiwan's Kyopto Optoelectronics [2] has successfully completed the bidding for the perovskite solar leader's vacuum coating equipment project. The company's developed three-chamber composite PVD equipment is the world's first equipment capable of successfully completing a meter-scale (2m*1m) trial production line vacuum coating and meets the requirements of perovskite coating. It can be used in a variety of scenarios such as electronic transmission layers, hole transport layers, back electrodes, and transparent conductive films. This equipment has the characteristics of low temperature and low ion bombardment, which can significantly reduce equipment investment, accelerate the learning curve, improve development process efficiency and flexibility. In addition, Kyopto Optoelectronics has also developed the world's first ST composite equipment used to passivate perovskite layers, which allows the unoxidized functional groups on the surface of the layer to combine and achieve coordination balance, making the perovskite layer more stable. Additionally, Kyopto Optoelectronics has partnered with Taiwan Perovskite Technology (TPSC) to establish Taiwan's first complete perovskite experimental line, and the process technology is developing rapidly, worthy of attention and observation.


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